What is a Credit Union?
Credit unions worldwide offer members much more than financial services. They provide members the opportunity to own their own financial institution and help them create opportunities for financing for the major events in their lives like holidays, weddings and purchases. Members often encounter their first taste of democratic decision making through their credit unions.Credit unions are financial co-operatives owned and controlled by their members.
Credit unions exist to serve their members and communities. Members can take advantage of quality savings and loans products including, in many credit unions, current accounts, ISAs and Child Trust Funds. As not-for-profit cooperative institutions, credit unions use excess earnings to offer members more affordable loans, a higher return on savings, discounted loan rates or new products and services. They serve members from all walks of life, including the financially excluded.
Each credit union has a "common bond". This determines who can become a member of the credit union. The common bond may be for people living or working in the same area, people working for the same employer or people who belong to the same association, such as a church or trade union.
In Great Britain over 600,000 members and 50,000 junior savers enjoy the services of their local credit union.
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177m members worldwide
49,000 credit unions
94 countries
